Instead, Mr. Weber says the ECB should stop adding to its pile of € 63 billion ($88.5 billion) in bonds from the euro zone 's weaker members, saying not only that it poses a threat of inflation, but also that it hasn' t brought long-term interest rates down in the problem countries anyway.

In notable economic news this week, the Federal Reserve's statement on Wednesday expressed concern about downside risks to the economy and outlined a plan to trade in $400 billion short term bonds for long term bonds.